Easier to register a business

[NewsWhore]

The National Council for Competitiveness (CNC) has announced a very large reduction in the time it takes to register a new commercial enterprise in the Dominican Republic. According to Andres Vanderhorst Alvarez, the time now needed to register a business is 18 days, down from the former 74 needed just a few months ago. Speaking at the opening of the new Integral Assistance System, Vanderhorst said that the goal was to get that figure down to just 12 days. At the opening, representatives of Customs, the National Office for Intellectual Property and the Santo Domingo Chamber of Commerce revealed how different government offices had reduced time requirements for commercial registration. The director for Industrial Property said that trade names could be registered in 48 hours, and the Tax Department spokesperson said that the time needed to get a tax code number has been reduced from seven to just three days. CNC director Vanderhorst said that the World Bank Report for 2005 had placed the average time for registering a business in Latin America as 63 days, and the Organization for Cooperation and Economic Development (OECD) put the figure at 19 days for its members. Vanderhorst also pointed out that it was the USAID office that carried out the study that showed the existing procedures required to register a commercial enterprise in the DR. The diagnosis revealed that to register a company in the DR, interested parties must deal with the Ministry of Industry and Commerce, through its National Office for Industrial Property (ONAPI), the Department of Taxes (DGII) and the Chamber of Commerce of the province where the business will be incorporated or the National District, in order to secure the Mercantile Registration

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